| Author |
 Replies: 24 / Views: 4,218 |
Page 2 of 2
|
|
|
|
Pillar of the Community
United States
6326 Posts |
Around the whole of Northeast Kansas, NOBODY is paying more than the days "spot price" for ANY Proof Gold !! So, the "nicks" wouldn't matter at all to someone just interested in the oz's. of gold.........downside: no one is willing to pay the "extra" for "Proof" material. I'm still considering selling an '06 1 oz Buffalo Proof, but I won't get any "extra" for the beautiful Proof qualities of the coin on top of the spot price value......and so, thus far, I've refused. Doesn't seem right......doesn't seem fair.......but apparantly this is the case, far and wide, around here. The two shouldn't have equal value......a Proof coin should always command more value than it's Uncirculated or Bullion counterpart ! ...  ... (with exceptions like mintage numbers, etc., but that doesn't apply here) Anyway.....sorry for my rant.....doesn't really apply here with your topic about Q.C. at the Mint.......I do agree though, it ISN'T great ! |
|
Bedrock of the Community
United States
10982 Posts |
Quote:
Around the whole of Northeast Kansas, NOBODY is paying more than the days "spot price" for ANY Proof Gold !
You can still get about 15% over spot on GAE from several major PM dealers but the premiums have dropped - A LOT. A year ago when gold was at $1050 you could sell proof GAE for $1750/oz. Your 2006 proof Buff should bring $1500 at ModernCoinMart today. |
|
Valued Member
United States
364 Posts |
This is what I've been saying for months on here. As the intrinsic value of the metal continues to climb, the "premium" a rare coin or proof brings over the raw metal content will continue to fall. If this trend continues, we will reach a point where only significantly rare coins will command any real price dividend over their metal content. Its simple market economics.
Not fair, I know. But you're dealing with investors like me. And we're a heartless lot.
|
|
Bedrock of the Community
United States
10982 Posts |
The reason proof GAE went through the roof was that none were struck for almost 2 years. It was speculation and IRA funds buying up every proof GAE in sight. They briefly went over $2,000/oz this year when gold was under $1200. As gold shot up in value last fall, premiums on generic gold shot up even faster but have not yet recovered to the levels they were at 10 months ago. Watch the numbers this fall though.
I understand your point, but there are many variables in PM markets. Your statement that the premium rare gold coins will bring over melt value will fall as gold prices rise has no basis in fact. Would everybody just buy gold or silver bars if the PM prices went high enough? There's always going to be "collectors" who pay crazy prices for collectible gold coins. Having a rare gold coin gives you a big edge over bullion investors because when the prices fall, and eventually they always do, you don't take as big a financial hit because you've still got a collectible rare coin.
|
|
Pillar of the Community
 United States
584 Posts |
Wasn't the proof introduced to add another tier of protection in an uncertain word. Don't it add some security like DHerring said granted theirs not a hoard of them it makes the grade and their popular. I'm sure everyone's seen the crazy amounts some of these people sell their modern slabbed proof GAE's.for. I'll be the first to admit I'm still wet behind the ears. My original plan was to let them grow old with me until the day I can pass them down to my two little guys along with the rest of collection. Its only after I watched some of those 2012 theories on youtube that I said well I can sell one. LOL Either way I'm going to have some in both finishes. I actually tried for the first time to melt down some gold last night. No coins just some earrings. Have to take another go at it the wife wouldn't let me be. LOL
Ohh and the GAE's are on their way back to the mint. I asked the guy at post office the cheapest secure way.
Came back with two day conf del insured for $400 cost $11
I almost fell over when he said that. I don't understand how I have to pay for their error. The mint that is. I'm almost to the point where I wont deal with them no more. Its that darn subscription plan that keeps me their.
Edited by amassey08873
10/15/2010 04:39 am
|
|
Valued Member
United States
442 Posts |
It looks like you got someones returned coins from the mint! Thats too bad that they wont grade pr-70 but there still worth $1375 an oz today
|
|
Valued Member
United States
364 Posts |
bherring, I never argued one shouldn't buy collectible coins. If you'll read my post a little more thoroughly, you'll see I just said the list of coins that hold a premium over melt will be confined to rarer and rarer coins. No basis in fact, huh? Let me put this another way: I could have bought a few key date coins last year. Or I could have bought a lot of junk silver. Which ended up being more profitable? You telling me I should have ponied up $120 for a nice ASE proof, or that I shouldn't have picked up say, several silver maple leafs? I like making money. Don't you? :) Yes, I know bullion may eventually drop, which is why my "junk" takes the form of coins that are seeing their kin head off to the smelters. I am banking on the smelter effect to raise the value of my coins I will not melt (I don't ever intend to melt coins) on the numismatic side, but quantity is definitely beating quality as an investment vehicle for me. Your mileage may vary. |
|
Bedrock of the Community
United States
10982 Posts |
Quote:
...As the intrinsic value of the metal continues to climb, the "premium" a rare coin or proof brings over the raw metal content will continue to fall. If this trend continues, we will reach a point where only significantly rare coins will command any real price dividend over their metal content. Its simple market economics... This is just plain wrong. Generic classic gold coins will always have a significant premium over their melt value. They always have had, and always will have, value as collectibles. Look at prices for MS65 "generic" Double Eagles of which millions are available in the marketplace. They are not rare at all and never will be rare coins. Current Wholesale Bid on a $20 Lib in MS65 is $3500 with $1300 in gold in it. Tens of thousands of these are available in the marketplace on any given day. How about generic MS66 $20 Saints? Again, tens of thousands always available with a current wholesale bid of $2600, a 100% premium over melt. As the price of gold goes up, so value of these coins will increase far more than than the melt value increase. That's simple market economics, coin market economics. I've been buying and selling these for a few years but what I've experienced has gone in the coin markets for decades. And yes, my mileage has varied, that's why I've made a lot of money doing this... |
|
Valued Member
United States
167 Posts |
1 looked pretty good, but this other one has this mark on it, I think its a die break. Sorry the pic is blurry  any thoughts? |
|
Pillar of the Community
United States
584 Posts |
There Here The Replacements! Are You Ready!! After sending above coins back, this is what I just received. I wasted no time on putting them up cause I'm a little frumped!    Their is a little Improvement, but I'm still not happy. Or am I being to picky. I really wanted 2 coins I could send out and get back a happy PF70. I mean these things should be PF 70 right. What are we paying so much over spot for. The little marks look like spread lines the discolor I think is just dust from the scanner in different locations. Less edge problems but one of the coins does have the unfinished edge at about 3:00. Would these coins grade 70. SO FRUSTRATING. And don't even let me start on how they misplaced my coins. Thank God I got Sig Conf. Its funny after they tell you sorry we don't show your package arriving. They try to deny anything else they can do.  Until you pull out the big guns and tell em What day, the time and name of the person who signed for it was.  Their tune changes really quick from huffing and puffing to oohhh oohhhh. But I have to remind myself that it could be MUCH worst!  With hard work comes good rewards.  Well its suppose too.  LOL Thanks for letting me rant a little.  Feel Better NOw.  I love these little guys. One more time for the US MINT |
|
Pillar of the Community
United States
584 Posts |
Forgot to post the results of second set of returns, I only sent one of the GAE coins out for TPG. Gave the other to my Father. On a budget and wanted to get the 81 SBA T2, 1937 Texas,& 3 SAE for grading. My father dosent really rely on TPG even though he does have many in his collection. But here is the result took an additonal $13 but well worth it.  |
|
New Member
United States
26 Posts |
Congrats on the 70. One question - did you end up sending them back twice?
Just found out my wife got me a 1/10th GAE for Christmas and wondering if it will be good enough or will it have spots...worried now it is someone's bad return.
|
|
Bedrock of the Community
United States
12437 Posts |
Quote:
I mean these things should be PF 70 right What are we paying so much over spot for. It is a bit "optimistic" to expect perfection(which is what PR70 really is) on more than 1 out of 10 of these coins. Bully for you if you can do better than that but don't expect to do better. You are paying over spot for a collector's version proof coin. Every world mint charges significant premiums for proof gold and silver. Production costs are much higher for proof coins due to extra planchet and die prep and careful handling and packaging. |
|
Pillar of the Community
United States
584 Posts |
I feel being your paying such a prem. PF-70 is not an unrealistic request. I was happy with the second returns. It eats me up that I had to pay for the shipping back to them, but I'm glad I stayed with it. I ordered 4 of the Proof SAE. 1 of the coins actually has a finger print on it. Can you believe that! Its right on the edge only about 3 8ths wide 1/4" long. You can see it good when you tilt the coin. The strike is great but that darn fingerprint is killing me.
|
|
Pillar of the Community
United States
584 Posts |
IBAB, Looks like a nice Die Crack, I've haven't seen one on a PF GAE, is it possible to get a clearer picture. You should start your own topic Proof 2010 GAE Die Crack, Post and Compare. It would be really interesting to see if other coins were minted with the same die. How far does the crack (line)go. Seems like it goes a little further than what the picture shows. I wonder if something that severe adds value to the coin. Thanks for posting if you do post your own topic please post a link.
|
|
Page 2 of 2
|
Replies: 24 / Views: 4,218 |
Page 2 of 2
|
First Page
Posted 10/14/2010 09:30 am
